British Land beats Laxey rebellion

Tuesday 16 July 2002 23:00 BST

BRITISH Land has confirmed it defeated by an overwhelming majority attempts by rebel shareholder Laxey Partners to radically change the property company.

With tallying up of votes going late into the night it emerged that Laxey attracted the support of less than 3.5% of the shareholders for its first proposal for immediate share buybacks, in addition to its own 9% stake.

The second proposal for a series of future share buybacks depending on the discount to net asset value was supported by an additional 3.2% of voters. The last, which called for the removal of management from the day-to-day running of the portfolio, won only 2.8% of the vote.